Standard & Poor’s said Netherlands-based LyondellBasell Industries NV
LYB, -0.34%
will become a component of the S&P 500 index
SPX, -0.23%
effective after the close of trading on Sept. 4. Netherlands-based LyondellBasell, a producer of chemicals and polymers as well as a refiner of crude oil, will take the place of Sears Holdings Corp.
SHLD, +1.22%
which S&P said it’s removing because the retailer’s public float has been well below the 50% threshold for inclusion in the S&P 500 “for an extended period of time.” Read more.

Also late Wednesday, Greenway Medical
GWAY
issued a financial forecast for fiscal 2013 as the company reported results for the fourth quarter ended June 30. The Carrollton, Ga.-based company, which went public nearly seven months ago, estimated net income for the current fiscal year at 15 cents to 20 cents a share, on projected revenue of $149 million to $156 million. On an adjusted basis, Greenway’s management is shooting for a full-year profit of 27 cents to 31 cents a share. For fiscal 2012, the company posted a net profit of 11 cents a share as well as adjusted earnings of 26 cents a share, on revenue of $124 million, implying a top-line growth rate of 20% to 26%.

Along with reporting results for the first quarter ended July 29, Culp
CFI, +1.58%
said its board authorized the company to undertake further stock repurchases. Buybacks of up to 2 million in common stock can be made from time to time in open market or via other types of transactions, the company said. Since beginning a buyback initiative in June 2011, Culp said, more than 1.1 million shares, or 8.5% of the company’s outstanding stock, have been repurchased at a total cost of $10.4 million. Against this backdrop, High Point, N.C.-based Culp also forecast a year-over-year sales increase of 2% to 6% for the second quarter of fiscal 2013, reflecting growth in its mattress fabrics business. Management also forecast growth in pre-tax income for the current quarter, in a range of $3 million to $3.7 million, which would be up from the prior year’s $2.9 million. Culp is off to “an excellent start to fiscal 2013,” said President and Chief Executive Frank Saxon in the earnings release.

MAP Pharmaceuticals Inc.
MAP.P, +0.00%
said the greenshoe on its recent secondary equity offering has been fully exercised, boosting to about $56.2 million the company’s net proceeds from the sale of common stock. Management intends to use the funds for the commercialization of Levadex, an orally inhaled investigational drug for treating migraines, and for general corporate purposes, Mountain View, Calif.-based MAP Pharmaceuticals said.

The board of Westfield Financial Inc.
WFD, +0.82%
authorized a new round of stock repurchases. As with its previous buyback plans, the company can buy back up to 5% of its outstanding common stock — in this case, nearly 1.28 million shares. The Massahusetts-based holding company for Westfield Bank said it completed its previous buyback program of more than 1.3 million common shares last week.

Wednesday earnings recap

Pandora Media
P, +3.61%
reported that, on an adjusted basis, it broke even on a per-share basis for the second quarter ended July 31, as revenue jumped to $89.4 million from the prior year’s $58.3 million. The Oakland, Calif.-based Internet radio service provider issued a better-than-expected revenue forecast for the third quarter, but investors also had to consider that Pandora’s chief financial officer would be leaving the company. Read more on Pandora.

TiVo Inc.
TIVO, -1.09%
reported a wider loss for the second quarter ended July 31, but the red ink was still less than analysts had been expecting from the Alviso, Calif.-based provider of digital video-recording technology. Management also projected losses for the third quarter but issued a revenue outlook whose upper range is about $2 million ahead of the current consensus forecast. Read more on TiVo.

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